Plenty of interest for marine services company debt consolidation
- Dubais Stanford Marine Group secures AED1.2bn ($327m) in Islamic financing
- The syndicated loan attracted a high level of investor interest
Dubai-based oil and gas offshore vessel operator Stanford Holding, part of the Stanford Marine Group (SMG), has secured an AED1.2bn ($327m) Islamic loan.
The murabaha structured sharia-compliant syndication attracted a lot of interest and was oversubscribed.
The financing consolidates SMGs existing conventional and Islamic facilities into a single tranche facility. It will reduce SMGs cost of finance.
SMG secured a five-year $300m syndicated conventional loan in 2013, also to replace existing facilities.
Dubais Noor Bankwas initial mandated lead arranger, sole underwriter and sole bookrunner.